Technical Analyst Ashwani Gujaral said sees the Nifty trading in a 4,150-4,650 range post Budget. "The most likely scenario is whatever happens in the Budget, we do not break 4,150 on the downside and 4,650 on the upside. We may find that after all is said and done we may still be in the same range because I do not believe that the market can continue to move at the pace it was moving at for the last three months."

Also see: 'New sectors will have to emerge for another bull run' 

Here is a verbatim transcript of the exclusive interview with Ashwani Gujral  on CNBC-TV18. Also see the accompanying video.

Q: Which way does the trading direction blow after Friday’s close?

A: We tried to break the lower end of the range and failed, so now we are in a kind of an uptrend. But the most likely scenario is whatever the Budget does, we do not break 4,150 on the downside and 4,650 on the upside. We may find that after all is said and done we may still be in the same range because I do not believe that the market can continue to move at the pace it was moving at for the last three months. So, this range is the best odd scenario.

Q: How do you trade within this range now? Do you trade with a long bias or short bias or forget the Nifty and just focus on stocks?

A: If the market is coming down from 4,650 you take short trades. Right now, we tested 4,150. Now, we are heading upwards, so now you try to pick out the Budgetary type of sectors like education, infrastructure, low cost housing, rural sectors or things which have something to do with the Budget. Looking at global cues, your largecap indices will not move in a hurry. So, today the Nifty support is around 4,200-4,220 and on the upside stiff resistance comes in around 4,450 and then 4,510. Only if we cross 4,510 do we get to challenge 4,650.

Q: How are the charts looking for IFCI and Unitech?

A: Rs 72 is the key support for Unitech. Now, it could move towards Rs 104. Once it takes out Rs 104, then you are looking at Rs 125-130. IFCI is still in a sideways kind of range. I think Rs 45 is key support here. It needs to get past Rs 60 to get into some sort of upward momentum which may take it up to Rs 75. But I think Unitech and the other real estate stocks have started a fresh move on Friday, something like HDIL.

Disclaimer: It is safe to assume that my clients and I may have an investment interest in the stocks or sectors discussed.